United Bankshares, Inc. Announces Earnings for the Third Quarter and First Nine Months of 2024

WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)--United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today reported earnings for the third quarter of 2024 of $95.3 million, or $0.70 per diluted share. Third quarter of 2024 results produced annualized returns on average assets, average equity, and average tangible equity, a non-GAAP measure, of 1.28%, 7.72%, and 12.59%, respectively.

“We are excited to announce this quarter’s earnings,” stated Richard M. Adams, Jr., United’s Chief Executive Officer. “It was another successful quarter for UBSI, and we continue to perform at a high level. Profitability metrics stayed strong, growth trends continued upward, and expenses were well-controlled. In addition, asset quality, liquidity, and capital levels remain a source of strength.”

United previously announced during the second quarter of 2024 that it entered into a definitive merger agreement with Piedmont Bancorp, Inc. (“Piedmont”). The combined organization will have approximately $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C., in some of the most desirable banking markets in the nation. The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to satisfaction of customary closing conditions.

Earnings for the second quarter of 2024 were $96.5 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.32%, 7.99%, and 13.12%, respectively. Earnings for the third quarter of 2023 were $96.2 million, or $0.71 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.31%, 8.14%, and 13.71%, respectively.

Third quarter of 2024 compared to the second quarter of 2024

Net interest income for the third quarter of 2024 was $230.3 million, an increase of $4.5 million, or 2%, from the second quarter of 2024. Tax-equivalent net interest income, a non-GAAP measure which adjusts for the tax-favored status of income from certain loans and investments, of $231.1 million for the third quarter of 2024 also increased $4.5 million, or 2%, from the second quarter of 2024. The increase in net interest income and tax-equivalent net interest income was driven by an increase in average short-term investments, a higher yield on average net loans and loans held for sale, and a decrease in average long-term borrowings partially offset by an increase in average interest-bearing deposits as well as a higher average rate paid on deposits. Average short-term investments increased $457.0 million, or 49%, from the second quarter of 2024 primarily driven by cash received from deposit growth. The yield on average net loans and loans held for sale increased 6 basis points to 6.20% for the third quarter of 2024. As previously disclosed, the second quarter of 2024 included a $654 thousand interest recovery from a commercial real estate nonaccrual loan payoff. Average long-term borrowings decreased $541.8 million, or 42%, from the second quarter of 2024. Average interest-bearing deposits increased $659.2 million, or 4%, from the second quarter of 2024. The yield on average interest-bearing deposits increased 10 basis points to 3.28% for the third quarter of 2024. The net interest margin of 3.52% for the third quarter of 2024 was an increase of 2 basis points from the net interest margin of 3.50% for the second quarter of 2024.

The provision for credit losses was $6.9 million for the third quarter of 2024 as compared to $5.8 million for the second quarter of 2024.

Noninterest income for the third quarter of 2024 was $31.9 million, an increase of $1.7 million, or 6%, from the second quarter of 2024. The increase in noninterest income was driven by an increase in income from mortgage banking activities of $643 thousand as well as increases in several additional categories of noninterest income, none of which were significant. The increase in income from mortgage banking activities was primarily due to higher mortgage loan sale volume and a higher quarter-end valuation of mortgage loans held for sale. Additionally, in comparison to the second quarter of 2024, an increase in mortgage loan servicing income was mostly offset by higher net losses on investment securities. Mortgage loan servicing income was $7.4 million for the third quarter of 2024, an increase of $6.6 million from the second quarter of 2024. During the third quarter of 2024, United sold its remaining mortgage servicing rights (“MSRs”) with an aggregate unpaid principal balance of $1.1 billion at a gain of $7.1 million. Net losses on investment securities were $6.7 million for the third quarter of 2024 compared to $218 thousand for the second quarter of 2024. During the third quarter of 2024, United sold $196.7 million of available for sale (“AFS”) investment securities at a loss of $6.9 million. Net losses on investment securities for the second quarter of 2024 included a $6.9 million gain on the VISA share exchange and a $6.8 million loss on the sale of $102.7 million of AFS investment securities.

Noninterest expense for the third quarter of 2024 of $135.3 million was flat from the second quarter of 2024, increasing $565 thousand, or less than 1%. A $1.5 million increase in other noninterest expense from the second quarter of 2024, driven by higher amounts of certain general operating expenses, was mostly offset by smaller decreases in several other categories of noninterest expense. Within other noninterest expense, merger-related expenses for the third quarter of 2024 were $332 thousand compared to $1.3 million for the second quarter of 2024.

For the third quarter of 2024, income tax expense was $24.6 million as compared to $18.9 million for the second quarter of 2024. The increase was driven by higher pre-tax earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 20.6% and 16.4% for the third quarter of 2024 and second quarter of 2024, respectively.

Third quarter of 2024 compared to the third quarter of 2023

Earnings for the third quarter of 2024 were $95.3 million, or $0.70 per diluted share, as compared to earnings of $96.2 million, or $0.71 per diluted share, for the third quarter of 2023.

Net interest income for the third quarter of 2024 of $230.3 million was flat from the third quarter of 2023, increasing $1.8 million, or less than 1%. Tax-equivalent net interest income for the third quarter of 2024 was also flat from the third quarter of 2023, increasing $1.8 million, or less than 1%. The slight increase in net interest income and tax-equivalent net interest income was primarily due to a higher yield on average net loans and loans held for sale, a decrease in average long-term borrowings, organic loan growth, and an increase in average short-term investments. This increase in net interest income and tax-equivalent net interest income was partially offset by the impact of deposit rate repricing and an increase in average interest-bearing deposits. The yield on average earning assets increased 33 basis points from the third quarter of 2023 to 5.85% driven by an increase in the yield on average net loans and loans held for sale of 28 basis points. Average long-term borrowings decreased $842.2 million, or 53%, from the third quarter of 2023. Average earning assets for the third quarter of 2024 increased $363.7 million, or 1%, from the third quarter of 2023 due to a $610.4 million increase in average net loans and loans held for sale and a $535.2 million increase in average short-term investments partially offset by a $781.9 million decrease in average investment securities. The yield on average interest-bearing deposits increased 58 basis points from the third quarter of 2023. Average interest-bearing deposits increased $1.4 billion, or 9%, from the third quarter of 2023. The net interest margin for the third quarter of 2024 and 2023 was 3.52% and 3.54%, respectively.

The provision for credit losses was $6.9 million for the third quarter of 2024 as compared to $5.9 million for the third quarter of 2023.

Noninterest income for the third quarter of 2024 was $31.9 million, which was a decrease of $1.7 million, or 5%, from the third quarter of 2023. Income from mortgage banking activities decreased $3.0 million from the third quarter of 2023 mainly due to lower mortgage loan origination and sale volume. This decrease in income from mortgage banking activities was partially offset by increases in several categories of noninterest income, none of which were significant. Additionally, in comparison to the third quarter of 2023, an increase in mortgage loan servicing income was mostly offset by higher net losses on investment securities. Mortgage loan servicing income was $7.4 million for the third quarter of 2024, an increase of $6.5 million from the third quarter of 2023 driven by the aforementioned $7.1 million gain on the sale of MSRs in the third quarter of 2024. Net losses on investment securities were $6.7 million for the third quarter of 2024 as compared to $181 thousand for the third quarter of 2023 driven by the aforementioned $6.9 million loss on sale of AFS investment securities in the third quarter of 2024.

Noninterest expense for the third quarter of 2024 was flat from the third quarter of 2023, increasing $109 thousand, or less than 1%. A $1.3 million increase in other noninterest expense from the third quarter of 2023, driven by higher amounts of certain general operating expenses, was mostly offset by smaller decreases in several other categories of noninterest expense.

Income tax expense for the third quarter of 2024 was flat from the third quarter of 2023, decreasing $130 thousand, or less than 1%, primarily due to slightly lower pre-tax earnings partially offset by a slightly higher effective tax rate. United’s effective tax rate was 20.6% and 20.5% for the third quarter of 2024 and third quarter of 2023, respectively.

First nine months of 2024 compared to the first nine months of 2023

Earnings for the first nine months of 2024 were $278.6 million, or $2.06 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.26%, 7.65%, and 12.57%, respectively. Earnings for the first nine months of 2023 were $286.9 million, or $2.12 per diluted share, and annualized returns on average assets, average equity, and average tangible equity were 1.31%, 8.27%, and 14.03%, respectively.

Net interest income for the first nine months of 2024 decreased $11.8 million, or 2%, from the first nine months of 2023. Tax-equivalent net interest income for the first nine months of 2024 decreased $12.4 million, or 2%, from the first nine months of 2023. The decrease in net interest income and tax-equivalent net interest income was primarily due to higher interest expense driven by deposit rate repricing, an increase in average interest-bearing deposits, and a decrease in acquired loan accretion income. These decreases were partially offset by a higher yield on average net loans and loans held for sale, organic loan growth, and a decrease in average long-term borrowings. The yield on average interest-bearing deposits increased 88 basis points from the first nine months of 2023. Average interest-bearing deposits increased $1.4 billion from the first nine months of 2023. Acquired loan accretion income for the first nine months of 2024 of $7.3 million was a decrease of $1.2 million from the first nine months of 2023. The yield on average earning assets increased 46 basis points from the first nine months of 2023 to 5.78% driven by an increase in the yield on average net loans and loans held for sale of 39 basis points. Average net loans and loans held for sale increased $773.3 million from the first nine months of 2023. Average long-term borrowings decreased $924.2 million from the first nine months of 2023. Additionally, average investment securities decreased $857.4 million, or 19%, from the first nine months of 2023 while the yield on average investment securities increased 36 basis points from the first nine months of 2023. The net interest margin for the first nine months of 2024 and 2023 was 3.49% and 3.56%, respectively.

The provision for credit losses was $18.5 million for the first nine months 2024 as compared to $24.3 million for the first nine months of 2023.

Noninterest income for the first nine months of 2024 was $94.4 million, which was a decrease of $7.2 million, or 7%, from the first nine months of 2023. Income from mortgage banking activities decreased $8.1 million from the first nine months of 2023 mainly due to lower mortgage loan origination and sale volume. Mortgage loan servicing income for the first nine months of 2024 of $9.0 million included a $7.1 million gain on the sale of MSRs while mortgage loan servicing income for the first nine months of 2023 of $13.0 million included $8.3 million in gains on sales of MSRs with the remainder of the decrease due to lower serviced loan balances. Fees from brokerage services increased $2.7 million from the first nine months of 2023 primarily due to higher volume. Net losses on investment securities of $7.0 million for the first nine months of 2024 included $13.7 million in losses on sales of AFS investment securities partially offset by a $6.9 million gain on the VISA share exchange. Net losses on investment securities of $7.9 million for the first nine months of 2023 were driven by a $7.2 million loss on sale of AFS investment securities during the second quarter of 2023.

Noninterest expense for the first nine months of 2024 was $410.9 million, an increase of $2.9 million, or 1%, from the first nine months of 2023 driven by increases in other noninterest expense of $4.3 million, employee compensation of $3.3 million, and FDIC insurance expense of $2.1 million partially offset by decreases in the expense for the reserve for unfunded loan commitments of $4.3 million and mortgage loan servicing expense of $2.2 million. The increase in employee compensation was driven by higher employee incentives, base salaries, and employee severance associated with the previously announced mortgage delivery channel consolidation partially offset by lower employee commissions related to mortgage banking production. The increase in other noninterest expense was primarily driven by a $2.2 million increase in tax credit amortization, $1.6 million in merger-related expenses, and higher amounts of certain general operating expenses. The increase in FDIC insurance expense was driven by $1.8 million of expense recognized in the first quarter of 2024 for the FDIC special assessment. The decrease in the expense for the reserve for unfunded loan commitments was driven by a decrease in the outstanding balance of loan commitments. The decrease in mortgage loan servicing expense was driven by the sales of MSRs.

For the first nine months of 2024, income tax expense was $64.9 million as compared to $72.7 million for the first nine months of 2023 primarily due to lower pre-tax earnings and the impact of discrete tax benefits recognized in the second quarter of 2024. United’s effective tax rate was 18.9% for the first nine months of 2024 and 20.2% for the first nine months of 2023.

Credit Quality

United’s asset quality continues to be sound. At September 30, 2024, non-performing loans (“NPLs”) were $65.2 million, or 0.30% of loans & leases, net of unearned income. Total non-performing assets (“NPAs”) were $65.4 million, including other real estate owned (“OREO”) of $169 thousand, or 0.22% of total assets at September 30, 2024. At June 30, 2024, NPLs were $65.3 million, or 0.30% of loans & leases, net of unearned income. Total NPAs were $67.5 million, including OREO of $2.2 million, or 0.23% of total assets at June 30, 2024. At December 31, 2023, NPLs were $45.5 million, or 0.21% of loans & leases, net of unearned income. Total NPAs were $48.1 million, including OREO of $2.6 million, or 0.16% of total assets at December 31, 2023. As previously disclosed in the first quarter of 2024, the increase in NPLs and NPAs from year-end was primarily driven by one commercial & industrial loan relationship. NPLs decreased $9.1 million from $74.4 million at March 31, 2024 primarily due to partial paydowns of the aforementioned commercial & industrial loan relationship.

As of September 30, 2024, the allowance for loan & lease losses was $270.8 million, or 1.25% of loans & leases, net of unearned income. At June 30, 2024 the allowance for loan & lease losses was $267.4 million, or 1.24% of loans & leases, net of unearned income. At December 31, 2023, the allowance for loan & lease losses was $259.2 million, or 1.21% of loans & leases, net of unearned income.

Net charge-offs were $3.6 million, or 0.07% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2024. Net charge-offs were $1.3 million, or 0.02% on an annualized basis as a percentage of average loans & leases, net of unearned income for the second quarter of 2024. Net charge-offs were $1.8 million, or 0.03% on an annualized basis as a percentage of average loans & leases, net of unearned income for the third quarter of 2023. Net charge-offs were $6.9 million for the first nine months of 2024 compared to $4.1 million for the first nine months of 2023. Annualized net charge-offs as a percentage of average loans & leases, net of unearned income were 0.04% and 0.03% for the first nine months of 2024 and 2023, respectively.

Capital

United continues to be well-capitalized based upon regulatory guidelines. United’s estimated risk-based capital ratio is 16.2% at September 30, 2024, while estimated Common Equity Tier 1 capital, Tier 1 capital, and leverage ratios are 13.8%, 13.8%, and 11.7%, respectively. The September 30, 2024 ratios reflect United’s election of a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the COVID-19 pandemic, to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10.0%, a Common Equity Tier 1 capital ratio of 6.5%, a Tier 1 capital ratio of 8.0%, and a leverage ratio of 5.0%. United did not repurchase any shares of its common stock during 2024 or 2023.

About United Bankshares, Inc.

As of September 30, 2024, United had consolidated assets of approximately $30 billion and is the 41^st largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI".

Cautionary Statements

The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its September 30, 2024 consolidated financial statements on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of September 30, 2024 and will adjust amounts preliminarily reported, if necessary.

Use of non-GAAP Financial Measures

This press release contains certain financial measures that are not recognized under U.S. generally accepted accounting principles ("GAAP"). Generally, United has presented these “non-GAAP” financial measures because it believes that these measures provide meaningful additional information to assist in the evaluation of United’s results of operations or financial position. Presentation of these non-GAAP financial measures is consistent with how United’s management evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the banking industry.

Specifically, this press release contains certain references to financial measures identified as tax-equivalent (FTE) net interest income, average tangible equity, return on average tangible equity, and tangible book value per share. Management believes these non-GAAP financial measures to be helpful in understanding United’s results of operations or financial position.

Net interest income is presented in this press release on a tax-equivalent basis. The tax-equivalent basis adjusts for the tax-favored status of income from certain loans and investments. Although this is a non-GAAP measure, United’s management believes this measure is more widely used within the financial services industry and provides better comparability of net interest income arising from taxable and tax-exempt sources. United uses this measure to monitor net interest income performance and to manage its balance sheet composition. The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21%.

Tangible equity is calculated as GAAP total shareholders’ equity minus total intangible assets. Tangible equity can thus be considered the most conservative valuation of the company. Tangible equity is also presented on a per common share basis and considering net income, a return on average tangible equity. Management provides these amounts to facilitate the understanding of as well as to assess the quality and composition of United’s capital structure. By removing the effect of intangible assets that result from merger and acquisition activity, the “permanent” items of equity are presented. These measures, along with others, are used by management to analyze capital adequacy and performance.

Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as reconciliation to that comparable GAAP financial measure can be found in the attached financial information tables to this press release. Investors should recognize that United’s presentation of these non-GAAP financial measures might not be comparable to similarly titled measures at other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and United strongly encourages a review of its condensed consolidated financial statements in their entirety.

Forward-Looking Statements

In this report, we have made various statements regarding current expectations or forecasts of future events, which speak only as of the date the statements are made. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are also made from time-to-time in press releases and in oral statements made by the officers of the Company. Forward-looking statements can be identified by the use of the words “expect,” “may,” “could,” “intend,” “project,” “estimate,” “believe,” “anticipate,” and other words of similar meaning. Such forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Therefore, undue reliance should not be placed upon these estimates and statements. United cannot assure that any of these statements, estimates, or beliefs will be realized and actual results may differ from those contemplated in these “forward-looking statements.” The following factors, among others, could cause the actual results of United’s operations to differ materially from its expectations: uncertainty in U.S. fiscal and monetary policies, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets, interest rate, securities market and monetary supply fluctuations; increasing rates of inflation and slower growth rates; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those involving the Federal Reserve, FDIC, and CFPB; the effect of changes in the level of checking or savings account deposits on United’s funding costs and net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; risks relating to the merger with Piedmont, including the successful integration of operations of Piedmont; competition; changes in legislation or regulatory requirements; and the impact of natural disasters, extreme weather events, military conflict (including the Russia/Ukraine conflict, the conflict in Israel and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences), terrorism or other geopolitical events. For more information about factors that could cause actual results to differ materially from United’s expectations, refer to its reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and United undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised to consult further disclosures United may make on related subjects in our filings with the SEC.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
	Three Months Ended									Nine Months Ended
EARNINGS SUMMARY:	September 2024			September 2023			June 2024			September 2024			September 2023
Interest income	$	382,723		$	356,910		$	374,184		$	1,126,087		$	1,032,145
Interest expense		152,467			128,457			148,469			447,627			341,911
Net interest income		230,256			228,453			225,715			678,460			690,234
Provision for credit losses		6,943			5,948			5,779			18,462			24,278
Noninterest income		31,942			33,661			30,223			94,377			101,583
Noninterest expense		135,339			135,230			134,774			410,855			407,937
Income before income taxes		119,916			120,936			115,385			343,520			359,602
Income taxes		24,649			24,779			18,878			64,932			72,679
Net income	$	95,267		$	96,157		$	96,507		$	278,588		$	286,923
PER COMMON SHARE:
Net income:
Basic	$	0.70		$	0.71		$	0.71		$	2.06		$	2.13
Diluted		0.70			0.71			0.71			2.06			2.12
Cash dividends	$	0.37		$	0.36			0.37			1.11			1.08
Book value								35.92			36.74			34.45
Closing market price							$	32.44		$	37.10		$	27.59
Common shares outstanding:
Actual at period end, net of treasury shares								135,195,704			135,220,770			134,933,015
Weighted average-basic		135,158,476			134,685,041			135,137,901			134,912,625			134,493,059
Weighted average-diluted		135,504,911			134,887,776			135,314,785			135,143,028			134,733,055
FINANCIAL RATIOS:
Return on average assets		1.28	%		1.31	%		1.32	%		1.26	%		1.31	%
Return on average shareholders’ equity		7.72	%		8.14	%		7.99	%		7.65	%		8.27	%
Return on average tangible equity (non-GAAP)^(1)		12.59	%		13.71	%		13.12	%		12.57	%		14.03	%
Average equity to average assets		16.64	%		16.12	%		16.54	%		16.52	%		15.81	%
Net interest margin		3.52	%		3.54	%		3.50	%		3.49	%		3.56	%
PERIOD END BALANCES:				September 30 2024			December 31 2023			September 30 2023			June 30 2024
Assets				$	29,863,262		$	29,926,482		$	29,224,794		$	29,957,418
Earning assets					26,461,342			26,623,652			25,883,462			26,572,087
Loans & leases, net of unearned income					21,621,968			21,359,084			21,097,883			21,598,727
Loans held for sale					46,493			56,261			59,614			66,475
Investment securities					3,538,415			4,125,754			4,066,299			3,650,582
Total deposits					23,828,345			22,819,319			22,676,854			23,066,440
Shareholders’ equity					4,967,820			4,771,240			4,648,878			4,856,633

Note: (1) See information under the “Selected Financial Ratios” table for a reconciliation of non

GAAP measure.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Statements of Income	Three Months Ended												Nine Months Ended
	September			September			June			March			September			September
		2024			2023			2024			2024			2024			2023
Interest & Loan Fees Income (GAAP)	$	382,723		$	356,910		$	374,184		$	369,180		$	1,126,087		$	1,032,145
Tax equivalent adjustment		828			869			867			872			2,567			3,148
Interest & Fees Income (FTE) (non-GAAP)		383,551			357,779			375,051			370,052			1,128,654			1,035,293
Interest Expense		152,467			128,457			148,469			146,691			447,627			341,911
Net Interest Income (FTE) (non-GAAP)		231,084			229,322			226,582			223,361			681,027			693,382
Provision for Credit Losses		6,943			5,948			5,779			5,740			18,462			24,278
Noninterest Income:
Fees from trust services		4,904			4,514			4,744			4,646			14,294			13,810
Fees from brokerage services		5,073			4,433			4,959			5,267			15,299			12,551
Fees from deposit services		9,413			9,282			9,326			8,971			27,710			27,969
Bankcard fees and merchant discounts		1,775			1,676			1,355			1,873			5,003			5,090
Other charges, commissions, and fees		890			850			869			858			2,617			2,937
Income from bank-owned life insurance		3,032			2,562			2,549			2,418			7,999			6,475
Income from mortgage banking activities		4,544			7,556			3,901			5,298			13,743			21,847
Mortgage loan servicing income		7,385			846			783			789			8,957			12,963
Net losses on investment securities		(6,715	)		(181	)		(218	)		(99	)		(7,032	)		(7,922	)
Other noninterest income		1,641			2,123			1,955			2,191			5,787			5,863
Total Noninterest Income		31,942			33,661			30,223			32,212			94,377			101,583
Noninterest Expense:
Employee compensation		58,481			59,064			58,501			59,293			176,275			172,980
Employee benefits		13,084			12,926			12,147			14,671			39,902			38,597
Net occupancy		11,271			11,494			11,400			12,343			35,014			34,736
Data processing		7,456			7,405			7,290			7,463			22,209			22,134
Amortization of intangibles		909			1,279			910			910			2,729			3,837
OREO expense		104			185			268			159			531			1,167
Net (gains) losses on the sale of OREO properties		(34	)		93			32			(83	)		(85	)		66
Equipment expense		7,811			7,170			7,548			6,853			22,212			22,192
FDIC insurance expense		4,338			4,598			5,058			6,455			15,851			13,755
Mortgage loan servicing expense and impairment		403			1,051			1,011			1,015			2,429			4,634
Expense for the reserve for unfunded loan commitments		(2,766	)		(3,002	)		(2,177	)		(1,790	)		(6,733	)		(2,423	)
Other noninterest expense		34,282			32,967			32,786			33,453			100,521			96,262
Total Noninterest Expense		135,339			135,230			134,774			140,742			410,855			407,937
Income Before Income Taxes (FTE) (non-GAAP)		120,744			121,805			116,252			109,091			346,087			362,750
Tax equivalent adjustment		828			869			867			872			2,567			3,148
Income Before Income Taxes (GAAP)		119,916			120,936			115,385			108,219			343,520			359,602
Taxes		24,649			24,779			18,878			21,405			64,932			72,679
Net Income	$	95,267		$	96,157		$	96,507		$	86,814		$	278,588		$	286,923
MEMO: Effective Tax Rate		20.56	%		20.49	%		16.36	%		19.78	%		18.90	%		20.21	%

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
Consolidated Balance Sheets
	September 2024			September 2023			September 30			December 31			September 30			June 30
	Q-T-D Average			Q-T-D Average				2024			2023			2023			2024
Cash & Cash Equivalents	$	1,634,929		$	1,133,432		$	1,908,832		$	1,598,943		$	1,184,054		$	1,858,861
Securities Available for Sale		3,218,892			3,885,870			3,239,501			3,786,377			3,749,357			3,315,726
Less: Allowance for credit losses		0			0			0			0			0			0
Net available for sale securities		3,218,892			3,885,870			3,239,501			3,786,377			3,749,357			3,315,726
Securities Held to Maturity		1,020			1,020			1,020			1,020			1,020			1,020
Less: Allowance for credit losses		(19	)		(19	)		(19	)		(17	)		(18	)		(19	)
Net held to maturity securities		1,001			1,001			1,001			1,003			1,002			1,001
Equity Securities		10,014			8,556			9,082			8,945			8,548			11,094
Other Investment Securities		292,590			309,824			288,831			329,429			307,392			322,761
Total Securities		3,522,497			4,205,251			3,538,415			4,125,754			4,066,299			3,650,582
Total Cash and Securities		5,157,426			5,338,683			5,447,247			5,724,697			5,250,353			5,509,443
Loans held for sale		55,408			65,009			46,493			56,261			59,614			66,475
Commercial Loans & Leases		15,869,541			15,193,346			16,015,679			15,535,204			15,416,232			15,894,244
Mortgage Loans		4,734,979			4,482,774			4,722,997			4,728,374			4,519,845			4,759,798
Consumer Loans		940,167			1,237,183			892,377			1,109,607			1,178,898			956,385
Gross Loans		21,544,687			20,913,303			21,631,053			21,373,185			21,114,975			21,610,427
Unearned income		(11,762	)		(16,999	)		(9,085	)		(14,101	)		(17,092	)		(11,700	)
Loans & Leases, net of unearned income		21,532,925			20,896,304			21,621,968			21,359,084			21,097,883			21,598,727
Allowance for Loan & Lease Losses		(267,457	)		(250,810	)		(270,767	)		(259,237	)		(254,886	)		(267,423	)
Net Loans		21,265,468			20,645,494			21,351,201			21,099,847			20,842,997			21,331,304
Mortgage Servicing Rights		1,283			4,588			0			4,554			4,616			3,934
Goodwill		1,888,889			1,888,889			1,888,889			1,888,889			1,888,889			1,888,889
Other Intangibles		10,372			15,880			9,776			12,505			15,060			10,685
Operating Lease Right-of-Use Asset		82,783			80,751			82,114			86,986			80,259			83,045
Other Real Estate Owned		1,787			3,189			169			2,615			3,181			2,156
Bank-Owned Life Insurance		494,438			484,751			495,784			486,895			485,386			493,498
Other Assets		545,470			548,687			541,589			563,233			594,439			567,989
Total Assets	$	29,503,324		$	29,075,921		$	29,863,262		$	29,926,482		$	29,224,794		$	29,957,418
MEMO: Interest-earning Assets	$	26,131,676		$	25,767,978		$	26,461,342		$	26,623,652		$	25,883,462		$	26,572,087
Interest-bearing Deposits	$	17,399,368		$	15,993,991		$	17,790,247		$	16,670,239		$	16,423,511		$	17,134,728
Noninterest-bearing Deposits		5,957,184			6,337,052			6,038,098			6,149,080			6,253,343			5,931,712
Total Deposits		23,356,552			22,331,043			23,828,345			22,819,319			22,676,854			23,066,440
Short-term Borrowings		191,954			188,945			181,969			196,095			188,274			203,519
Long-term Borrowings		748,608			1,590,763			540,091			1,789,103			1,388,770			1,489,764
Total Borrowings		940,562			1,779,708			722,060			1,985,198			1,577,044			1,693,283
Operating Lease Liability		89,082			85,112			88,464			92,885			84,569			89,308
Other Liabilities		208,262			192,934			256,573			257,840			237,449			251,754
Total Liabilities		24,594,458			24,388,797			24,895,442			25,155,242			24,575,916			25,100,785
Preferred Equity		0			0			0			0			0			0
Common Equity		4,908,866			4,687,124			4,967,820			4,771,240			4,648,878			4,856,633
Total Shareholders' Equity		4,908,866			4,687,124			4,967,820			4,771,240			4,648,878			4,856,633
Total Liabilities & Equity	$	29,503,324		$	29,075,921		$	29,863,262		$	29,926,482		$	29,224,794		$	29,957,418
MEMO: Interest-bearing Liabilities	$	18,339,930		$	17,773,699		$	18,512,307		$	18,655,437		$	18,000,555		$	18,828,011

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
	Three Months Ended												Nine Months Ended
	September			September			June			March			September			September
Quarterly/Year-to-Date Share Data:		2024			2023			2024			2024			2024			2023
Earnings Per Share:
Basic	$	0.70		$	0.71		$	0.71		$	0.64		$	2.06		$	2.13
Diluted	$	0.70		$	0.71		$	0.71		$	0.64		$	2.06		$	2.12
Common Dividend Declared Per Share	$	0.37		$	0.36		$	0.37		$	0.37		$	1.11		$	1.08
High Common Stock Price	$	39.93		$	34.30		$	36.08		$	38.18		$	39.93		$	42.45
Low Common Stock Price	$	31.47		$	26.49		$	30.68		$	32.92		$	30.68		$	26.49
Average Shares Outstanding (Net of Treasury Stock):
Basic		135,158,476			134,685,041			135,137,901			134,808,634			134,912,625			134,493,059
Diluted		135,504,911			134,887,776			135,314,785			135,121,380			135,143,028			134,733,055
Common Dividends	$	50,213		$	48,706		$	50,204		$	50,213		$	150,630		$	146,054
Dividend Payout Ratio		52.71	%		50.65	%		52.02	%		57.84	%		54.07	%		50.90	%
							September 30			December 31			September 30			June 30
EOP Share Data:								2024			2023			2023			2024
Book Value Per Share							$	36.74		$	35.36		$	34.45		$	35.92
Tangible Book Value Per Share (non-GAAP) ^(1)							$	22.70		$	21.27		$	20.34		$	21.87
52-week High Common Stock Price							$	39.93		$	42.45		$	44.15		$	38.74
Date							7/31/24			2/3/23			11/11/22			12/14/23
52-week Low Common Stock Price							$	25.35		$	25.35		$	26.49		$	25.35
Date							10/24/23			10/24/23			9/22/23			10/24/23
EOP Shares Outstanding (Net of Treasury Stock):								135,220,770			134,949,063			134,933,015			135,195,704
Memorandum Items:
Employees (full-time equivalent)								2,651			2,736			2,803			2,644
Note:
(1) Tangible Book Value Per Share:
Total Shareholders' Equity (GAAP)							$	4,967,820		$	4,771,240		$	4,648,878		$	4,856,633
Less: Total Intangibles								(1,898,665	)		(1,901,394	)		(1,903,949	)		(1,899,574	)
Tangible Equity (non-GAAP)							$	3,069,155		$	2,869,846		$	2,744,929		$	2,957,059
÷ EOP Shares Outstanding (Net of Treasury Stock)								135,220,770			134,949,063			134,933,015			135,195,704
Tangible Book Value Per Share (non-GAAP)							$	22.70		$	21.27		$	20.34		$	21.87

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
	Three Months Ended September 2024							Three Months Ended September 2023							Three Months Ended June 2024
Selected Average Balances and Yields:	Average					Average		Average					Average		Average					Average
ASSETS:	Balance			Interest^(1)		Rate^(1)		Balance			Interest^(1)		Rate^(1)		Balance			Interest^(1)		Rate^(1)
Earning Assets:
Federal funds sold and securities purchased under agreements to resell and other short-term investments	$	1,387,462		$	19,241	5.52	%	$	852,224		$	11,810	5.50	%	$	930,453		$	12,787	5.53	%
Investment securities:
Taxable		3,218,258			30,797	3.83	%		3,994,073			35,730	3.58	%		3,496,310			33,968	3.89	%
Tax-exempt		205,080			1,461	2.85	%		211,178			1,482	2.81	%		209,114			1,488	2.85	%
Total securities		3,423,338			32,258	3.77	%		4,205,251			37,212	3.54	%		3,705,424			35,456	3.83	%
Loans and loans held for sale, net of unearned income ^(2)		21,588,333			332,052	6.12	%		20,961,313			308,757	5.85	%		21,639,898			326,808	6.07	%
Allowance for loan losses		(267,457	)						(250,810	)						(263,050	)
Net loans and loans held for sale		21,320,876				6.20	%		20,710,503				5.92	%		21,376,848				6.14	%
Total earning assets		26,131,676		$	383,551	5.85	%		25,767,978		$	357,779	5.52	%		26,012,725		$	375,051	5.79	%
Other assets		3,371,648							3,307,943							3,357,439
TOTAL ASSETS	$	29,503,324						$	29,075,921						$	29,370,164
LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits	$	17,399,368		$	143,313	3.28	%	$	15,993,991		$	108,793	2.70	%	$	16,740,124		$	132,425	3.18	%
Short-term borrowings		191,954			2,048	4.24	%		188,945			1,805	3.79	%		206,234			2,206	4.30	%
Long-term borrowings		748,608			7,106	3.78	%		1,590,763			17,859	4.45	%		1,290,405			13,838	4.31	%
Total interest-bearing liabilities		18,339,930			152,467	3.31	%		17,773,699			128,457	2.87	%		18,236,763			148,469	3.27	%
Noninterest-bearing deposits		5,957,184							6,337,052							5,976,971
Accrued expenses and other liabilities		297,344							278,046							298,537
TOTAL LIABILITIES		24,594,458							24,388,797							24,512,271
SHAREHOLDERS’ EQUITY		4,908,866							4,687,124							4,857,893
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	29,503,324						$	29,075,921						$	29,370,164
NET INTEREST INCOME				$	231,084						$	229,322						$	226,582
INTEREST RATE SPREAD						2.54	%						2.65	%						2.52	%
NET INTEREST MARGIN						3.52	%						3.54	%						3.50	%
Notes:
(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.
(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
	Nine Months Ended September 2024							Nine Months Ended September 2023
Selected Average Balances and Yields:	Average					Average		Average					Average
ASSETS:	Balance			Interest^(1)		Rate^(1)		Balance			Interest^(1)		Rate^(1)
Earning Assets:
Federal funds sold and securities purchased under agreements to resell and other short-term investments	$	1,068,028		$	44,331	5.54	%	$	927,255		$	35,499	5.12	%
Investment securities:
Taxable		3,484,931			99,487	3.81	%		4,222,849			108,710	3.43	%
Tax-exempt		208,843			4,423	2.82	%		328,276			6,940	2.82	%
Total securities		3,693,774			103,910	3.75	%		4,551,125			115,650	3.39	%
Loans and loans held for sale, net of unearned income ^(2)		21,578,981			980,413	6.07	%		20,784,493			884,144	5.69	%
Allowance for loan losses		(263,298	)						(242,135	)
Net loans and loans held for sale		21,315,683				6.14	%		20,542,358				5.75	%
Total earning assets		26,077,485		$	1,128,654	5.78	%		26,020,738		$	1,035,293	5.32	%
Other assets		3,357,672							3,319,143
TOTAL ASSETS	$	29,435,157						$	29,339,881
LIABILITIES:
Interest-Bearing Liabilities:
Interest-bearing deposits	$	16,936,116		$	404,115	3.19	%	$	15,569,985		$	268,962	2.31	%
Short-term borrowings		200,555			6,336	4.22	%		177,707			4,451	3.35	%
Long-term borrowings		1,178,176			37,176	4.21	%		2,102,386			68,498	4.36	%
Total interest-bearing liabilities		18,314,847			447,627	3.26	%		17,850,078			341,911	2.56	%
Noninterest-bearing deposits		5,958,668							6,576,063
Accrued expenses and other liabilities		300,220							274,418
TOTAL LIABILITIES		24,573,735							24,700,559
SHAREHOLDERS’ EQUITY		4,861,422							4,639,322
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	29,435,157						$	29,339,881
NET INTEREST INCOME				$	681,027						$	693,382
INTEREST RATE SPREAD						2.52	%						2.76	%
NET INTEREST MARGIN						3.49	%						3.56	%
Notes:
(1) The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%.
(2) Nonaccruing loans are included in the daily average loan amounts outstanding.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
	Three Months Ended																Nine Months Ended
	September				September				June				March				September				September
Selected Financial Ratios:		2024				2023				2024				2024				2024				2023
Return on Average Assets		1.28	%			1.31	%			1.32	%			1.19	%			1.26	%			1.31	%
Return on Average Shareholders’ Equity		7.72	%			8.14	%			7.99	%			7.25	%			7.65	%			8.27	%
Return on Average Tangible Equity (non-GAAP) ^(1)		12.59	%			13.71	%			13.12	%			11.98	%			12.57	%			14.03	%
Efficiency Ratio		51.62	%			51.59	%			52.66	%			55.26	%			53.16	%			51.52	%
Price / Earnings Ratio		13.22		x		9.70		x		11.40		x		13.96		x		13.53		x		9.74		x
Note:
(1) Return on Average Tangible Equity:
(a) Net Income (GAAP)	$	95,267			$	96,157			$	96,507			$	86,814			$	278,588			$	286,923
(b) Number of Days		92				92				91				91				274				273
Average Total Shareholders' Equity (GAAP)	$	4,908,866			$	4,687,124			$	4,857,893			$	4,816,476			$	4,861,422			$	4,639,322
Less: Average Total Intangibles		(1,899,261	)			(1,904,769	)			(1,900,164	)			(1,901,074	)			(1,900,163	)			(1,906,042	)
(c) Average Tangible Equity (non-GAAP)	$	3,009,605			$	2,782,355			$	2,957,729			$	2,915,402			$	2,961,259			$	2,733,280
Return on Average Tangible Equity (non-GAAP)\ [(a) / (b)] x 366 or 365 / (c)		12.59	%			13.71	%			13.12	%			11.98	%			12.57	%			14.03	%
Selected Financial Ratios:									September 30 2024				December 31 2023				September 30 2023				June 30 2024
Loans & Leases, net of unearned income / Deposit Ratio										90.74	%			93.60	%			93.04	%			93.64	%
Allowance for Loan & Lease Losses/ Loans & Leases, net of unearned income										1.25	%			1.21	%			1.21	%			1.24	%
Allowance for Credit Losses ^(2)/ Loans & Leases, net of unearned income										1.43	%			1.42	%			1.42	%			1.43	%
Nonaccrual Loans / Loans & Leases, net of unearned income										0.24	%			0.14	%			0.12	%			0.25	%
90-Day Past Due Loans/ Loans & Leases, net of unearned income										0.06	%			0.07	%			0.09	%			0.06	%
Non-performing Loans/ Loans & Leases, net of unearned income										0.30	%			0.21	%			0.20	%			0.30	%
Non-performing Assets/ Total Assets										0.22	%			0.16	%			0.16	%			0.23	%
Primary Capital Ratio										17.49	%			16.79	%			16.76	%			17.06	%
Shareholders' Equity Ratio										16.64	%			15.94	%			15.91	%			16.21	%
Price / Book Ratio										1.01		x		1.06		x		0.80		x		0.90		x
Note:
(2) Includes allowances for loan losses and lending-related commitments.

UNITED BANKSHARES, INC. AND SUBSIDIARIES
Washington, D.C. and Charleston, WV
Stock Symbol: UBSI
(In Thousands Except for Per Share Data)
	Three Months Ended												Nine Months Ended
	September 30			September 30			June 30			March 31			September 30			September 30
Mortgage Banking Data: ^(1)		2024			2023			2024			2024			2024			2023
Loans originated	$	151,333		$	185,945		$	185,322		$	176,906		$	513,561		$	635,582
Loans sold		171,315			217,627			163,273			188,741			523,329			632,847
							September 30			December 31			September 30			June 30
Mortgage Loan Servicing Data:^(2)								2024			2023			2023			2024
Balance of loans serviced							$	-		$	1,202,448		$	1,216,805		$	1,138,443
Number of loans serviced								-			12,419			12,596			11,853
				September 30			December 31			September 30			June 30			March 31
Asset Quality Data:					2024			2023			2023			2024			2024
EOP Non-Accrual Loans				$	52,446		$	30,919		$	24,456		$	52,929		$	63,053
EOP 90-Day Past Due Loans					12,794			14,579			18,283			12,402			11,329
Total EOP Non-performing Loans				$	65,240		$	45,498		$	42,739		$	65,331		$	74,382
EOP Other Real Estate Owned					169			2,615			3,181			2,156			2,670
Total EOP Non-performing Assets				$	65,409		$	48,113		$	45,920		$	67,487		$	77,052
	Three Months Ended												Nine Months Ended
	September 30			September 30			June 30			March 31			September 30			September 30
Allowance for Loan & Lease Losses:		2024			2023			2024			2024			2024			2023
Beginning Balance	$	267,423		$	250,721		$	262,905		$	259,237		$	259,237		$	234,746
Gross Charge-offs		(4,903	)		(2,836	)		(2,542	)		(3,576	)		(11,021	)		(8,046	)
Recoveries		1,304			1,052			1,281			1,506			4,091			3,908
Net Charge-offs		(3,599	)		(1,784	)		(1,261	)		(2,070	)		(6,930	)		(4,138	)
Provision for Loan & Lease Losses		6,943			5,949			5,779			5,738			18,460			24,278
Ending Balance	$	270,767		$	254,886		$	267,423		$	262,905		$	270,767		$	254,886
Reserve for lending-related commitments		37,973			43,766			40,739			42,915			37,973			43,766
Allowance for Credit Losses ^(3)	$	308,740		$	298,652		$	308,162		$	305,820		$	308,740		$	298,652
Notes:
(1) During the first quarter of 2024, United completed its previously announced consolidation of its mortgage delivery channels. Based on an evaluation performed in accordance with ASC 280, Segment Reporting, beginning with the periods as of March 31, 2024, United operates one reportable business segment. Mortgage banking data above is presented on a consolidated basis for all current and prior periods.
(2) As disclosed, United sold its remaining mortgage servicing rights during the third quarter of 2024.
(3) Includes allowances for loan losses and lending-related commitments.